Becoming a Consultant

Consulting

Consulting is the business of providing advice to firms in trouble, on the move, or trying to do what they do better, faster, and more cheaply.  It is one of the fastest growing industries in today's corporate world and one of the most popular career choices for new MBA's.  It is also an industry that is complicated to define because the term consulting is so broad and has different meanings to different people. 

Internal Consulting

Besides Consulting in consulting firms there are also “internal consultants” at non-consulting firms.  These positions are sometimes called “Strategy” positions.  Companies such as Liberty Mutual, Heinz, Eli Lilly, Giant Eagle, and American Greetings are examples of companies that have had strategy positions.  Internal consultants are typically characterized as consultants with a “normal” life.

Work of a Consultant

A consultant may be a noted researcher contracted by a corporation to help solve a problem using the most advanced techniques.  A consultant may be a young professional who helps develop intricate computer systems for a corporate client.  Many MBA students began their career in this type of role.  However, when MBA students discuss consulting, they usually have a particular role in mind.  This is the role of a professional analyst who assists major corporations in understanding complex business issues and developing and/or executing an action plan to address them. 

Types of Consulting

There are a wide range of services that consulting firms provide.  It is difficult to clearly categorize consulting firms since nearly all of them engage in a wide range of work, and change frequently to capture shifting client needs.  Some of the most prevalent areas currently are:

• Strategy Formulation (Markets, products, channels)
• Systems Implementation (SAP, Siebel, Internet)
• Change Management (Organizational design, HR policy)
• Operations (Supply chain, warehousing, distribution)
• Marketing (Research, Coaching Leadership, one-on-one)
• Merger & Acquisition (Valuation, negotiation)

Work Life Balance

Consultants work a lot and travel a lot.  However, expect to have the weekends to yourself.  An example firm may have a "3-4-5" program, which means 3 nights from home, 4 working days away from home and the 5th day in your home office.  This means you leave Monday morning and return Thursday night.  Consulting firms know that work life balance is a major issue for most employees and this is a frequently mentioned reason for the high turnover.  So there is quite a lot of attention to this issue.  However, there are big differences between the firms in regards to this issue. 

Internship Responsibilities

You will get a good taste of consulting during an internship.  Firms will use you as if you were a regular, junior consultant.  You are usually a full member of the team and your opinions and contributions will be valued and appreciated.  Most firms will assign you a mentor or buddy during the summer, typically a more senior consultant you can talk to you during your summer.  Also, expect that you may be staffed out of town, which means you will travel quite a bit.  At the same time, the larger consulting firms are very flexible in accommodating requests for your preferred home location.  Many firms have offices in major cities around the U.S. and the world.  Internships in foreign locations are quite common.  Don’t worry about compensation.  Consulting internships are among the highest paid internships for MBAs.  Signing (or moving) bonuses are common, however, equity payments (i.e. stock options) are not.